A consumer applies for open-end credit to make a single purchase, such as a large appliance.

Name: A consumer applies for open-end credit to make a single purchase, such as a large appliance.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Open-end credit is a type of credit that allows the borrower to use credit up to a certain limit, repay it and use it again. It is not typically used to make a single purchase of a large appliance. This is usually done through closed-end credit, such as an installment loan.

A Consumer Applies for Open-End Credit to Make a Single